Kuwait real estate firm Mabanee said one of its subsidiaries had signed an agreement with a local lender to obtain bank financing worth KD150 million ($495 million).

Mabanee, which owns and operates the landmark Avenues Mall development, did not reveal the name of the lender in its filing to the Kuwaiti bourse.

The funds will be used to finance its business operations, the Kuwaiti firm said without elaborating.

Opened in 2007, The Avenues is the largest shopping mall in Kuwait and currently has over 800 stores, according to its website.-Reuters